Mar. 3, 2021
Starting the session at 106.71, USD/JPY rallied above 106.88 for the first time in 6 months, gaining 16 pips, and is now trading at 106.87. (Trade Dollar/Yen with FXTM now).
Meanwhile, Japan Services PMI was released today at 12:30 AM with a figure of 46.3, This is better than the previous number of 46.1. The Japan 10-Year JGB Auction was released yesterday at 3:45 AM with a figure of 0.131, This is better than the previous number of 0.053. United States API Weekly Crude Oil Stock came out at 7.36 million, above the estimate of -1.85 million. This is also a step forward from the previous data of 1.03 million.
A Visual analysis of the Dollar/Yen's price graph shows the Dollar/Yen nearest support level is at 104.55. In terms of trend indicators, we can see that the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Asset volatility analysis shows that a slight indication of a slowdown comes from looking at the Bollinger bands: the upper band is at 107.13 – a high enough level to usually suggest the Dollar/Yen is trading above its value.
Overall, technical indicators suggest the Dollar/Yen has no obvious direction for the immediate future.
While the dollar/yen is green so far today, these assets are not doing so well- NASDAQ is down 230.04 points from the beginning of the session and now trading around 13,588.83.
Other assets are showing mixed performance as well.
The market is looking forward to today at 3:30 PM, data for United States Crude Oil Inventories will be released, with an expected decline to -928,000 from the preceding figure of 1.28 million. Projections for United States Initial Jobless Claims are set for a continuation of decline of 750,000 while the previous data was 730,000, Data will be released tomorrow at 1:30 PM. The United States ISM Non-Manufacturing PMI (Feb) will be released today at 3:00 PM.
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